Deutsche Bank revises coal investment guidelines
Deutsche Bank will no longer grant new financing for thermal coal mining or new coal-fired power plants, Germany鈥檚 largest bank said in a press release. The bank will also 鈥渞educe its existing exposure to the thermal coal mining sector,鈥� it said. Deutsche Bank cited its commitment to the Paris Agreement鈥檚 climate protection measures as the reason for its divestment decision. In a letter to Oliver Krischer, vice-chairman of the Greens in the German parliament, the bank said it was taking part in efforts to 鈥渁chieve the paradigm shift towards a low-carbon economy and a climate-friendly development model.鈥� It will strengthen its support for renewable energy projects and reduce its stake in the coal sector by 20 percent over the next three years. Krischer welcomed the move but said it could be 鈥渙nly the beginning鈥� of a larger divestment process.
Heffa Sch眉cking, director of German campaign organisation urgewald, said the bank鈥檚 announcement was a 鈥渓ong overdue decision鈥� that only addressed 鈥渁 small part of the problem.鈥� She explained that direct project financing accounted for only 2 percent of banks鈥� financial flows to the global coal industry. 鈥�98 percent of the problem remains as the new guideline does not stop Deutsche Bank from providing corporate loans and investment banking services to companies with aggressive new build plans for coal-fired infrastructure,鈥� Sch眉king said.
Read the bank鈥檚 press release in English and urgewald鈥檚 press release in English .
For background, see the 威力彩玩法 factsheet When will Germany finally ditch coal?